CFPB Monitor

APRIL 6, 2021

The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). The bill containing the PLPA also amended the Illinois Consumer Installment Loan Act (CILA) and the Payday Loan Reform Act (PLRA) to apply this same 36% MAPR cap.).

Illinois 78

Illinois Regulation Report Lending 78

PYMNTS

OCTOBER 26, 2016

At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. By signaling a willingness to explore these technologies, Illinois opens the door for partnering with the broad range of private-sector companies pioneering innovative solutions in this area.”.

Illinois 100

Illinois blockchain Technology Innovation 100

CFPB Monitor

JUNE 14, 2021

In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.

Illinois 78

Illinois Regulation Report Lending 78

CFPB Monitor

JULY 15, 2020

The Illinois Department of Financial and Professional Regulation (IDFPR) published a notice of proposed rules implementing the Student Loan Servicing Act in the July 10, 2020 issue of the Illinois Register. Written comments will be accepted for 45 days.

Illinois 78

Illinois Regulation Security Payments 78

PYMNTS

AUGUST 8, 2019

The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances. Many people living paycheck to paycheck already make more than median income.”.

Puerto Rico 134

Puerto Rico Regulation New York South Dakota 134

American Banker

AUGUST 15, 2024

The American Bankers Association and the Illinois Bankers Association, among other groups, are challenging an Illinois law barring swipe fees for taxes and tips should be preempted by federal law.

Illinois 74

Illinois Groups Taxes Compliance 74

ABA Community Banking

JANUARY 18, 2025

Illinois regulators closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all deposits and most of its assets. The post Pulaski Savings Bank closed in Chicago appeared first on ABA Banking Journal.

Chicago 116

Chicago Illinois FDIC Regulation 116

PYMNTS

JANUARY 25, 2019

The Supreme Court in Illinois ruled on Friday (Jan. 25) that a teen can sue Six Flags amusement park over violation of an Illinois privacy law, in a case that could have repercussions for tech giants like Google and Facebook. Because the law is so strict, Illinois is rife with biometrics misuse lawsuits.

Google 116

Google Illinois Chicago Regulation 116

PYMNTS

JUNE 20, 2018

Peer-to-peer car-sharing services might soon face the same regulation as traditional car rental companies. This month, for example, Maryland passed a bill that requires car-sharing companies to comply with regulations similar to rules for car rental companies, including paying sales tax.

Regulation 100

Regulation San Francisco Maryland Illinois 100

CFPB Monitor

NOVEMBER 12, 2014

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. The Illinois AG has filed two lawsuits using her Section 1042 authority. In April 2014, the defendant removed the case to an Illinois federal court.

Regulation 100

Regulation Mississippi Illinois Florida 100

PYMNTS

NOVEMBER 30, 2017

Privacy regulators of the European Union said Wednesday (Nov. According to a news report in Reuters , European data protection authorities said regulators from France, Italy, Spain, Belgium, the U.K. But it’s not just European regulators who want answers from Uber. Meanwhile, regulators in the U.K., Lawmakers in the U.S.

Regulation 100

Regulation Connecticut Illinois Massachusetts 100

PYMNTS

NOVEMBER 10, 2020

to develop new, stricter regulations that govern big tech. In the September PYMNTS big tech compliance tracker tracker, Facebook considered pulling out of the EU over regulations. . Illinois residents also have a $650 million lawsuit against Facebook.

Data 185

Data Illinois Taxes Compliance 185

PYMNTS

NOVEMBER 23, 2017

Ride-hailing app company Uber, which made news when it covered up a huge data breach that exposed roughly 600,000 driver’s license numbers, could face investigations by regulators around the globe. 22), regulators in the U.K., According to a report in Fortune published Wednesday (Nov. Meanwhile, in the U.K., were impacted by it.

Regulation 100

Regulation Cyber Security Connecticut Illinois 100

PYMNTS

OCTOBER 29, 2018

In Illinois, and a handful of other states, changes in how employees are reimbursed for business-related expenses herald changes on a broader scale, and in how firms use technology to make sure that expenses are being recorded accurately. Miles To Go For Mileage Reimbursement.

Illinois 163

Illinois Technology Data Taxes 163

PYMNTS

SEPTEMBER 28, 2020

Regulations. SocialMediaToday reported that in early September, an EU “privacy regulator … sent Facebook a preliminary order to suspend data transfers to the U.S. NBC added that “thousands of Illinois Facebook users could be eligible for payments as a result of the class-action suit. about its EU users.”

Taxes 162

Taxes Compliance Illinois Las Vegas 162

CFPB Monitor

JANUARY 19, 2021

On January 13, 2021, the Illinois legislature overwhelmingly passed SB 1792 (the “Act”), intended to, among other things, overhaul the state’s consumer finance laws. SB 1792 separately amends the Illinois Consumer Installment Loan Act and the Payday Loan Reform Act to apply this same 36% MAPR cap.)

Illinois 60

Illinois Retail Operations Lending 60

PYMNTS

JULY 10, 2020

Regulation Vs. Market Forces. In recent years, we’ve seen the heavily regulated version of open banking in the E.U.,” For instance, he pointed to statewide initiatives in California and Illinois that have focused on biometrics. The end goal: to speed innovation toward new products and services while keeping fraudsters out.

Data 272

Data Innovation Fintech Illinois 272

PYMNTS

FEBRUARY 10, 2020

Separately, Facebook has reportedly settled a lawsuit for violating laws in the state of Illinois tied to facial recognition technology, agreeing to pay a fine of $550 million. The Illinois law — on the books for more than a decade — sets parameters for the collection, use and storage of biometric information.

Taxes 175

Taxes Illinois Operations Study 175

CFPB Monitor

JULY 27, 2022

Private education lenders doing business in Illinois now have access to official informational guides and templates for meeting the November 1, 2022, reporting requirements under the state’s new Know Before You Owe Private Education Loan Act (“KBYO”). . 1650(a)(7).

Illinois 78

Illinois Report Lending Data 78

PYMNTS

FEBRUARY 15, 2018

Through the Conference of State Bank Supervisors, Georgia, Illinois, Kansas, Massachusetts, Texas, Tennessee and Washington are looking to standardize the ways firms across traditional financial services and FinTech upstarts apply for, and are granted, licenses. Can the states make licensing – of the money movement kind – any easier?

Washington 101

Washington Regulation Conference Fintech 101

CFPB Monitor

FEBRUARY 16, 2023

Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap significantly decreased the availability of small-dollar credit in Illinois. .

Illinois 78

Illinois Study Mississippi Data 78

Abrigo

DECEMBER 4, 2015

Sageworks consultants have hosted and spoken at roughly two dozen regional and national events and industry conferences attended by hundreds of banking and credit union executives, regulators and industry professionals. See upcoming regional and national events hosted or attended by Sageworks here.

North Carolina 150

North Carolina Ohio DC Regional 150

PYMNTS

DECEMBER 30, 2019

Similarly, Illinois is eying close to $400 million in new annual sales tax revenue on ecommerce items shipped into the state. A plan backed by the Illinois Retail Merchants Association places the burden on sales tax collection on the marketplaces, which will then settle up with the state Department of Revenue.

Taxes 130

Taxes Alaska South Dakota South Carolina 130

PYMNTS

AUGUST 24, 2020

Here’s the latest news from Facebook, Amazon and others, which are coming under increasing scrutiny from regulators, trade groups and politicians the world over. Regulations. Facebook Supports Data-Portability Law. Facebook has advocated for a law that would simplify the process of moving videos and pictures to a competing site.

social media 152

social media Data Apple Compliance 152

PYMNTS

JUNE 12, 2017

In March, R3 announced the Illinois Department of Financial and Professional Regulation joined the R3 blockchain consortium. In its involvement, the Illinois regulator will be responsible for working with 80 financial institutions of R3’s membership to build out secure and scalable blockchain-based applications.

Illinois 109

Illinois blockchain Capital Regulation 109

American Banker

MAY 29, 2024

The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.

Illinois 45

Illinois Taxes Retail Policies 45

PYMNTS

APRIL 22, 2019

That would seem to apply to credit unions (CUs), and to Consumers Credit Union of Illinois specifically, one of the largest CUs around, which has been in business since 1930 (before the Great Depression reached its worst depths). “You can’t teach an old dog new tricks” — so goes the dim, cynical saying. That is changing, of course.

Illinois 134

Illinois Innovation Video Community 134

PYMNTS

MARCH 25, 2019

Beyond the CFPB, and at the state level in Illinois, a state Senate committee last week voted to approve legislation that would keep state banking regulators from punishing financial institutions, including banks and credit unions, for doing business with medical marijuana enterprises. This is still illegal federally.”

Lending 128

Lending Illinois Compliance Chicago 128

PYMNTS

SEPTEMBER 25, 2018

could face regulation similar to that of traditional car rental companies. This month, for example, Maryland passed a bill that requires car-sharing companies to comply with regulations similar to rules for car rental companies, including paying sales tax. The expansion comes as Turo and other car-sharing services in the U.S.

San Francisco 122

San Francisco Maryland Illinois Taxes 122

CFPB Monitor

JANUARY 27, 2015

Mishkin Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. The Illinois AG filed two lawsuits using her Section 1042 authority. In April 2014, the defendant removed the case to an Illinois federal court.

Regulation 60

Regulation Illinois Mississippi Florida 60

PYMNTS

FEBRUARY 6, 2018

Reuters reported news on Tuesday that banking regulators from seven states across the United States are working to, as the newswire reported, “streamline” the FinTech reporting process, with an eye on those tech firms having an easier road toward offering their products and services across the nation.

Fintech 118

Fintech US Tennessee Washington 118

PYMNTS

NOVEMBER 26, 2018

Arizona, Georgia and Illinois have considered accepting bitcoin for taxes, but the idea has stalled in the state legislature, reported The WSJ. -based research firm, told the paper that if tax offices accept bitcoin as a payment method, it sends a signal that bitcoin can also be used by the government, not just the bad guys.

Ohio 185

Ohio Taxes Bitcoin Arizona 185

PYMNTS

DECEMBER 27, 2019

percent: Tax rate imposed on online sellers in Illinois starting in 2020. $4M: Data: 2018: Year of the Wayfair ruling, which limited retailers’ physical presence to tax-exempting states. 100: Minimum number of local tax codes in Alaska. 4M: Amount Ohioans paid in sales taxes on menstrual products in 2019.

Taxes 131

Taxes Alaska Minnesota Compliance 131

PYMNTS

NOVEMBER 22, 2019

The document was signed by California’s Barbara Lee, Illinois’ Robin Kelly, and New Jersey’s Bonnie Watson Coleman along with as other lawmakers. 5 when Jersey City residents voted to apply more regulations to short-term rentals. Airbnb announced significant safety measures after a deadly house shooting in California.

US 108

US Illinois Policies Regulation 108

American Banker

OCTOBER 3, 2024

The OCC has filed a legal brief backing the banking industry's challenge to Illinois' Interchange Fee Prohibition Act, arguing the law would interfere with national banks' federal authority, fragment the national payment system and force banks to halt credit card usage in the state.

Illinois 41

Illinois National System Cards 41

CFPB Monitor

JANUARY 30, 2023

Over the past few years, numerous states have imposed interest rate caps on consumer credit. In recent blog posts, we discussed the efforts of both Michigan and New Mexico to impose a 36% annual interest rate cap. Last year, Congress took up the discussion of a national 36% annual interest rate cap. Continue Reading

Illinois 78

Illinois New Mexico Michigan Study 78

PYMNTS

MAY 30, 2018

If you don’t give any regulation at all, it has the chance to go off the rails and completely burn itself out, which is where I was fearing bitcoin was going to a couple months ago if they haven’t already. We recognize that so often the case is with new technology, there is a needle you have to thread,” he added later. “If But the U.S.

Fintech 116

Fintech Arizona Illinois Bitcoin 116